To begin, lenders will require the student and cosigner, if applicable, to complete a loan application.After the application is submitted, the lender will review a credit report for all applicants.
In this section, you will learn how consolidation works, how to apply for federal loan consolidation, which loans can be consolidated, where to consolidate and how to best manage your loan once it is consolidated.It's estimated that more than half of all college students graduate with debt, and we're not talking about a paltry few thousand on the credit card, either.Given tuition at some of the more prestigious universities can top more than ,000, and even a community college two-year degree can cost more than ,000, college debt can be serious and life changing. You borrow ,000 at 6.8 percent per year to pay for a two-year degree in automotive technology.(For background reading, see .) You took out one loan per semester.If you began this process before July 2010 – when all federal loans started coming directly from the U. Department of Education – you may have borrowed through the Federal Family Education Loan Program. If you finished in four years, you could have ended up with as many as eight different loans from up to eight different banks.Many of the following questions may be under consideration What is credit history and why is it important?